Cara Therapeutics Stock Forecast
Stronger technical forecast for Cara Therapeutics stock price after Tuesday trading.
(Updated on May 07, 2024)
The Cara Therapeutics stock price gained 0.278% on the last trading day (Tuesday, 7th May 2024), rising from $0.790 to $0.792. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 8.41% from a day low at $0.754 to a day high of $0.82. The price has risen in 7 of the last 10 days and is up by 12.04% over the past 2 weeks. Volume fell on the last day by -138 thousand shares and in total, 182 thousand shares were bought and sold for approximately $144.54 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Cara Therapeutics stock with a 90% probability to be traded between $0.542 and $1.07 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CARA Signals & Forecast
There are mixed signals in the stock today. The Cara Therapeutics stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.793. On a fall, the stock will find some support from the short-term average at $0.771. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -24.55%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Cara Therapeutics stock
Cara Therapeutics finds support from accumulated volume at $0.787 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0634 between high and low, or 8.41%. For the last week the stock has had daily average volatility of 7.09%.
Our recommended stop-loss: $0.750 (-5.34%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 42 days ago.)
Trading Expectations (CARA) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Cara Therapeutics to open at $0.788, and during the day (based on 14 day Average True Range), to move between $0.724 and $0.86, which gives a possible trading interval of +/-$0.0680 (+/-8.58%) up or down from last closing price. If Cara Therapeutics takes out the full calculated possible swing range there will be an estimated 17.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.787 (0.72%) than the resistance at $0.80 (1.12%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cara Therapeutics stock A Buy?
Cara Therapeutics holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.012 Hold/Accumulate Upgraded
Predicted Opening Price for Cara Therapeutics of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $0.788 ( 0.539%) | $0.792 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CARA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.85 | 7.46 % | |
| R2 | 0.83 | 4.41 % | ||
| R1 | 0.81 | 2.52 % | ||
| Current price: | 0.792 | |||
| Support | S1 | 0.764 | -3.60 % | |
| S2 | 0.749 | -5.48 % | ||
| S3 | 0.725 | -8.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.91 | 14.87 % | |
| R2 | 0.91 | 14.50 % | ||
| R1 | 0.80 | 1.12 % | ||
| Current price | 0.792 | |||
| Support | S1 | 0.787 | -0.720% | |
| S2 | 0.730 | -7.83% | ||
| S3 | 0.595 | -24.85% |
FAQ
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